Lawmakers on the US House Financial Services Committee have advanced the American Reserve Modernization Act (ARMA), moving the country closer to establishing a long-term federal reserve for Bitcoin. The committee approved the legislation by a 28-21 vote. The proposed law, first introduced by Representative Nicholas Begich, seeks to form both a Strategic Bitcoin Reserve and a Digital Asset Stockpile under the oversight of the US Department of the Treasury. These reserves would hold Bitcoin and other digital assets acquired through criminal and civil forfeiture cases.